Kinross dividend: history, coverage and yield
Kinross’s base dividend remains US$0.16 per share in each year, while the bear case cuts it to US$0.12 and the bull case reaches US$0.24 by October 2029. Free cash flow was US$2,474.1 million in 2025, but dividends compete with growth, debt, partners and closure obligations.
How much does Kinross pay per share?
The base dividend remains US$0.16 per share in each year. The bear case cuts it to US$0.12, while the bull case reaches US$0.24 by October 2029. The current rate followed a February 2026 increase, but the production reset and heavy development spending argue against assuming repeated increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 0.16 (0.12 / 0.16) | 0.16 (0.12 / 0.20) | 0.16 (0.12 / 0.24) |
What this means. A negative net debt number means the company has more cash than borrowed money, so it has net cash.
Does Kinross’s dividend come from its cash?
Kinross generated negative free cash flow in 2021 and only US$119.0 million in 2022, yet paid shareholders in both years. Those payments therefore required other resources, while the Great Bear acquisition added another major demand. The later improvement was substantial: free cash flow reached US$2,474.1 million in 2025.
After capital spending, lease payments and interest, free cash flow was $2,474.1 million. After the additional stock-pay deduction, real free cash flow was $2,461.0 million. That is a major change from the negative figure in 2021.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,474.1 | 1,230.6 | 309.5 | 119.0 | -255.1 |
| − Dividends paid | 152.1 | 147.5 | 147.3 | 154.0 | 151.1 |
| − Share buybacks | 600.3 | 0 | 0 | 300.8 | 100.2 |
| = Free cash flow not paid out | 1,619.7 | 1,042.6 | 162.2 | ||
| = Paid out more than the free cash flow | 335.8 | 506.4 | |||
| Paid to shareholders | 752.4 | 147.5 | 147.3 | 454.8 | 251.3 |
What this means. In 2022 and 2021, the company paid shareholders more cash than it generated, so it had to use savings or borrow money.
What could change Kinross’s dividend?
Kinross also resumed buybacks and paid dividends in 2025. Buybacks reduce the number of shares sharing future profits, but their success depends on the price paid. The company increased its shareholder-return target from 40% to 50% of free cash flow in 2026. That promise now competes directly with Great Bear, Lobo-Marte and other development spending.
What is Kinross’s dividend yield today?
The same test applies to cash. An 8.6% free cash flow yield represents C$8.60 of annual company cash generation for each C$100 invested. A one-quarter reduction would lower that yield to about 6.5%. The dividend yield is 0.7%, and Kinross uses other cash for projects, reserves and buybacks.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 34.46 |
| Free cash flow yield (calculated) | 8.6% |
| Dividend yield (calculated) | 0.7% |
What this means. The next 12 months price-to-earnings number uses analysts’ estimate of future profit, not profit the company has already earned.